Mortgage adviser for IFA BestInvest Peter O’Donovan has stated that remortgage customers may be better off remortgaging with their existing lender.

Mr O’Donovan told the FT Adviser that a reduction in the amount of lenders offering competitive remortgage products may mean that intermediaries, such as mortgage brokers and financial advisors, may suffer a decline in their business.

He said: “I have only really used five lenders this year and so in two or three-years time, when the products start to mature, unless someone has come back in to the market it might well be that we are still saying to people stay where you are.

“So the remortgage business in the future might start to drop off for intermediaries.

“It will be a lot harder for those used to the two to three-year churning in the future because there is going to be fewer lenders who are taking the business.”